Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 07-01-2020 , and ending 06-30-2021
Name of foundation
John Ruan Foundation Trust
 
Number and street (or P.O. box number if mail is not delivered to street address)666 Grand Avenue 1700 Ruan Center
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Des Moines, IA50309
A Employer identification number

42-6059463
B Telephone number (see instructions)

(515) 245-2552
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$117,991,090J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments 144 144  
4 Dividends and interest from securities... 5,519,091 5,519,091  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 823,196
b Gross sales price for all assets on line 6a 18,751,584
7 Capital gain net income (from Part IV, line 2)... 823,196
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule).......      
12 Total. Add lines 1 through 11........ 6,342,431 6,342,431  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 775 388   387
c Other professional fees (attach schedule)....        
17 Interest............... 1,544 772   772
18 Taxes (attach schedule) (see instructions)... Click to see attachment 95,684 105   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 14,780 7,390   7,390
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 112,783 8,655   8,549
25 Contributions, gifts, grants paid....... 5,586,000 5,586,000
26 Total expenses and disbursements. Add lines 24 and 25 5,698,783 8,655   5,594,549
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 643,648
b Net investment income (if negative, enter -0-) 6,333,776
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 204,247 37,233 37,233
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet   3,274    
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 11,453,093 Click to see attachment10,224,708 16,617,077
c Investments—corporate bonds (attach schedule)....... 88,080,206 Click to see attachment92,399,089 100,271,380
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 900,000 Click to see attachment900,000 1,065,400
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 100,640,820 103,561,030 117,991,090
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment0 Click to see attachment2,276,562
23 Total liabilities (add lines 17 through 22)......... 0 2,276,562
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 98,491,001 98,491,001
27 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
28 Retained earnings, accumulated income, endowment, or other funds 2,149,819 2,793,467
29 Total net assets or fund balances (see instructions)..... 100,640,820 101,284,468
30 Total liabilities and net assets/fund balances (see instructions). 100,640,820 103,561,030
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
100,640,820
2
Enter amount from Part I, line 27a .....................
2
643,648
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
101,284,468
5
Decreases not included in line 2 (itemize) bullet
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
101,284,468
Form 990-PF (2020)
Form 990-PF (2020)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a Sale of Publicly Traded Securities P    
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 18,751,584   17,928,388 823,196
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       823,196
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 823,196
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 88,039
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 88,039
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 88,039
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 94,000
b Exempt foreign organizations—tax withheld at source...... 6b 0
c Tax paid with application for extension of time to file (Form 8868)... 6c 0
d Backup withholding erroneously withheld ........... 6d 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 94,000
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment 8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 5,961
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet5,961 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement. See instructions.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletTracey Ball Telephone no.bullet (515) 245-2552

    Located atbullet666 Grand Avenue 1700 Ruan CenterDes MoinesIA ZIP+4bullet50309
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ........bullet
    15
     
    16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country? .................
    16   No
    See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2020?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......
    5b
     
    No
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d). Click to see attachment
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    John Ruan III-through 1112020 Trustee
    0.50     		0 0 0
    666 Grand Ave 1700 Ruan Center
    Des Moines,IA50309
    John Ruan IV-1122020 - 6302021 Trustee
    0.50     		0 0 0
    666 Grand Ave 1700 Ruan Center
    Des Moines,IA50309
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1  
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    112,690,572
    b
    Average of monthly cash balances.......................
    1b
    215,231
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    112,905,803
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    112,905,803
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    1,693,587
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    111,212,216
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    5,560,611
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    5,560,611
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    88,039
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    88,039
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    5,472,572
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    5,472,572
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    5,472,572
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    5,594,549
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    5,594,549
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b. See instructions.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    5,594,549
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 5,472,572
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 797,858
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015......  
    b From 2016......  
    c From 2017......  
    d From 2018......  
    e From 2019......  
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 5,594,549
    a Applied to 2019, but not more than line 2a 797,858
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		0
    d Applied to 2020 distributable amount..... 4,796,691
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		675,881
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2016....  
    b Excess from 2017....  
    c Excess from 2018....  
    d Excess from 2019....  
    e Excess from 2020....  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2020 (b) 2019 (c) 2018 (d) 2017
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the foundation had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    John Ruan III-through 1112020
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
    John Ruan IV
    666 Grand Avenue 1700 Ruan Center
    Des Moines,IA50309
    (515) 245-2575
    bThe form in which applications should be submitted and information and materials they should include:
    No special form
    cAny submission deadlines:
    None
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    None
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    Boy Scouts Of America Mid Iowa Council
    1659 East Euclid Avenue
    Des Moines,IA50313     		None PC Youth Activities 2,500
    Northwestern University
    1936 Sheridan Road
    Evanston,IL602084040     		None PC Sports, Athletic 7,500
    Iowa College Foundation
    505 5th Avenue
    Des Moines,IA503092396     		None PC Schools, Colleges and Related Activities 5,000
    Iowa Law School Foundation
    Po Box 4550
    Iowa City,IA52244     		None PC Schools, Colleges and Related Activities 5,000
    Roosevelt High School Foundation
    4419 Center Street
    Des Moines,IA50312     		None PC Schools, Colleges and Related Activities 105,000
    The Lawrenceville Fund
    Po Box 6125
    Lawrenceville,NJ013429987     		None PC Schools, Colleges and Related Activities 5,000
    ISU Foundation
    2505 University Drive
    Ames,IA500104648     		None PC Schools, Colleges and Related Activities 25,000
    University Of Iowa Foundation
    Po Box 4550
    Iowa City,IA52244     		None PC Schools, Colleges and Related Activities 110,000
    Des Moines Area Community College
    2006 S Ankeny Blvd
    Ankeny,IA50021     		None PC Schools, Colleges and Related Activities 130,000
    Avon Old Farms School
    500 Old Farms Road
    Avon,CT060019958     		None PC Schools, Colleges and Related Activities 5,000
    Bergman Academy
    100 45th Street
    Des Moines,IA50312     		None PC Schools, Colleges and Related Activities 10,000
    St Augustin Catholic School
    4320 Grand Avenue
    Des Moines,IA50312     		None PC Schools, Colleges and Related Activities 10,000
    Des Moines University
    3200 Grand Avenue
    Des Moines,IA503124198     		None PC Schools, Colleges and Related Activities 2,500
    Culver Educational Foundation
    1300 Academy Road
    Culver,IN46511     		None PC Schools, Colleges and Related Activities 5,000
    Lost Tree Chapel
    11149 Turtle Beach Road
    North Palm Beach,FL33408     		None PC Religious Activities 5,000
    MercyOne Des Moines Foundation
    411 Laurel Street Suite 2250
    Des Moines,IA50314     		None PC Inner City or Community Activities 400,000
    Prostate Cancer Education Council
    1000 Hummingbird Drive
    Castle Rock,CO80108     		None PC Health Services and Related Activities 1,000
    Tuality Healthcare Foundation
    335 SE 8th Avenue
    Hillsboro,OR97123     		None PC Health Services and Related Activities 5,000
    Cystic Fibrosis Foundation
    1501 42nd Street Suite 230
    West Des Moines,IA50266     		None PC Health Services and Related Activities 2,500
    Mayo Clinic
    2000 First Street SW
    Rochester,MN55905     		None PC Health Services and Related Activities 5,000
    Iowa Historical Foundation
    600 East Locust Street
    Des Moines,IA50309     		None PC Cultural, Historical or Other Education Activities 2,500
    Civic Center Of Greater Des Moines
    221 Walnut Street
    Des Moines,IA50309     		None PC Cultural, Historical or Other Education Activities 10,000
    Clear Lakes Art Center
    213 Main Avenue
    Clear Lake,IA50428     		None PC Cultural, Historical or Other Education Activities 1,000
    Des Moines Arts Festival
    400 Locust Street Suite 255
    Des Moines,IA50309     		None PC Cultural, Historical or Other Education Activities 5,000
    Des Moines Art Center
    4700 Grand Avenue
    Des Moines,IA503122099     		None PC Cultural, Historical or Other Education Activities 12,500
    Salisbury House Foundation
    4025 Tonawanda Drive
    Des Moines,IA50312     		None PC Cultural, Historical or Other Education Activities 305,000
    Des Moines Metropolitan Opera
    106 West Boston Avenue
    Indianola,IA50125     		None PC Cultural, Historical or Other Education Activities 66,000
    Science Center Of Iowa
    401 W ML King Parkway
    Des Moines,IA50309     		None PC Cultural, Historical or Other Education Activities 5,000
    Ballet Des Moines
    121 S 11th Street
    West Des Moines,IA50265     		None PC Cultural, Historical or Other Education Activities 1,000
    Blank Park Zoo Foundation
    7401 SW 9th Street
    Des Moines,IA50315     		None PC Cultural, Historical or Other Education Activities 5,000
    Macnider Art Museum
    303 Second Street SE
    Mason City,IA504013988     		None PC Cultural, Historical or Other Education Activities 2,500
    Nature Conservancy
    505 Fifth Avenue Suite 930
    Des Moines,IA50309     		None PC Conservation, Environment & Beautification Activities 5,000
    Lake Forest Country Day School
    145 S Green Bay Road
    Lake Forest,IL60045     		None PC General Operating 10,000
    Brenton Arboretum
    25141 260th Street
    Dallas Center,IA50063     		None PC General Operating 3,500
    Lost Tree Charitable Foundation
    11555 Lost Tree Way
    North Palm Beach,FL33408     		None PC General Operating 7,500
    Kavanaugh House
    900 56th Street
    Des Moines,IA50312     		None PC General Operating 50,000
    Iowa Architectural Foundation
    400 Locust Street Suite 100
    Des Moines,IA50309     		None PC General Operating 2,500
    Hope Ministries
    Po Box 862
    Des Moines,IA503040862     		None PC General Operating 2,500
    Griswell Family Charity Fund
    1915 Grand Avenue
    Des Moines,IA50309     		None PC General Operating 1,000
    Great Outdoors Foundation
    Po Box 8071
    Des Moines,IA50301     		None PC General Operating 100,000
    Friends Of Des Moines Parks
    1551 E Martin Luther King Pkwy
    Des Moines,IA50317     		None PC General Operating 1,000
    Food Bank Of Iowa
    2220 E 17th Street
    Des Moines,IA50316     		None PC General Operating 5,000
    Iowa Motor Carriers Foundation
    717 E Court Avenue
    Des Moines,IA50309     		None PC General Operating 250,000
    Community Foundation Leadership Circle
    1915 Grand Avenue
    Des Moines,IA50309     		None PC General Operating 500,000
    Des Moines Symphony
    221 Walnut Street
    Des Moines,IA50309     		None PC General Operating 125,000
    Des Moines Community Playhouse
    831 42nd Street
    Des Moines,IA50312     		None PC General Operating 2,500
    Des Moines Botanical Center
    909 E River Drive
    Des Moines,IA50309     		None PC General Operating 461,000
    Blue Ribbon Foundation
    Po Box 57130
    Des Moines,IA50317     		None PC General Operating 5,000
    Lake States Dairy Center
    856 N 600 E
    Fair Oaks,IN47943     		None PC General Operating 50,000
    Central Gardens Of North Iowa
    Po Box 735
    Clear Lake,IA50428     		None PC General Operating 1,000
    Colonial Williamsburg Foundation
    Po Box 1776
    Williamsburg,VA23187     		None PC General Operating 5,000
    Maltz Jupiter Theatre
    1001 East Indisntown Road
    Jupiter,FL33477     		None PC General Operating 210,000
    US Farming And Ranch Foundation
    16020 Swingley Ridge Suite 300
    Chesterfield,MO63017     		None PC General Operating 5,000
    Drake University
    2507 University Avenue
    Des Moines,IA50311     		None PC General Operating 10,000
    World Food Prize
    100 Locust Street
    Des Moines,IA50309     		None POF General Operating 25,000
    Variety - The Children's Charity
    505 Fifth Avenue Suite 310
    Des Moines,IA50309     		None PC General Operating 7,500
    US Chamber Foundation
    1615 H Street NW
    Washington,DC20062     		None PC General Operating 1,570,000
    Urban Beautification Fund
    1915 Grand Avenue
    Des Moines,IA50309     		None PC General Operating 110,000
    Terrace Hill Partnership
    2300 Grand Avenue
    Des Moines,IA503125308     		None PC General Operating 2,500
    Strands Of Strength
    1310 Tulip Tee Lane
    West Des Moines,IA50266     		None PC General Operating 1,000
    Some Gala
    60 O Street NW
    Washington,DC20001     		None PC General Operating 10,000
    Society Of Four Arts
    100 Four Arts Drive
    Palm Beach,FL33480     		None PC General Operating 10,000
    Public Library Of Des Moines Foundation
    1000 Grand Avenue
    Des Moines,IA50309     		None PC General Operating 10,000
    Progress Industries Foundation
    202 N 3rd Avenue W
    Newton,IA50208     		None PC General Operating 1,000
    Northwestern University
    1936 Sheridan Road
    Evanston,IL602084040     		None PC General Operating 750,000
    National Parks Conservation Association
    777 6Th Street Suite 700
    Washington,DC200013723     		None PC General Operating 2,500
    Music Under The Stars
    5817 Walnut Hill Avenue
    Des Moines,IA50312     		None PC General Operating 2,500
    Downtown Events Group
    700 Locust Street Suite 100
    Des Moines,IA50309     		None PC General Operating 10,000
    Total .................................bullet 3a 5,586,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3 Interest on savings and temporary cash
    investments ...........     		    14 144  
    4 Dividends and interest from securities....     14 5,519,091  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6 Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8 Gain or (loss) from sales of assets other than
    inventory ............     		    18 823,196  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 6,342,431 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    6,342,431
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    John Ruan Foundation Trust
    EIN:
    42-6059463
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Accounting Fees 775 388   387

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2020 ExpenditureResponsibilityStmt
    Name:
    John Ruan Foundation Trust
    EIN:
    42-6059463
    Grantee's Name Grantee's Address Grant Date Grant Amount Grant Purpose Amount Expended By Grantee Any Diversion By Grantee? Dates of Reports By Grantee Date of Verification Results of Verification
    World Food Prize Foundation
          		100 Locust Street
    Des Moines,IA50309     		2021-06-14 25,000 The grant was made to the grantee to assist in fulfilling its tax exempt purpose. The World Food Prize Foundation is an operating private foundation. 25,000 None   2021-06-30  
    World Food Prize Foundation
          		100 Locust Street
    Des Moines,IA50309     		2018-06-11 100,000 The grant was made to the grantee to assist in fulfilling it tax exempt purpose. The World Food Prize Foundation is an operating private foundation. 0 None   2021-06-30  

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    John Ruan Foundation Trust
    EIN:
    42-6059463
    Name of Bond End of Year Book Value End of Year Fair Market Value
    SELECT MILK PRODUCERS 7% PREFERRED 500,000 500,000
    AFFIL MGR GROUP 5.875% PREFERRED 2,000,000 2,228,000
    AIG SERIES A 5.85% PREFERRED 2,000,000 2,291,200
    ALLSTATE CORP 5.625% PERPETUAL 675,000 739,530
    AMERICAN EQ INV 6.625% PREFERRED 1,000,000 1,118,000
    AMERICAN EQ INV 5.95% PREFERRED 1,000,000 1,123,200
    AMERICAN FIN GROUP 5.625% PFD 250,000 284,900
    AMERICAN FIN GROUP 5.875% PFD 250,000 285,700
    ARCH CAPITAL GROUP 4.55% SERIES G 250,000 258,100
    ARCH CAPITAL GROUP 5.45% PERPETUAL 250,000 261,700
    ASPEN INSURANCE 5.625% NON-CUM. 250,000 268,800
    AT&T 6.35% SR UNSECURED 109,207 136,411
    AT&T 4.75% PREFERRED 1,900,000 2,020,840
    ATHENE HOLDINGS 4.875% PREFERRED 1,000,000 1,033,200
    ATHENE HOLDINGS 6.35% PREFERRED 250,000 294,000
    ATHENE HOLDINGS 5.625% PREFERRED 1,400,000 1,538,880
    ATHENE HOLDINGS 6.375% PREFERRED 375,000 423,450
    BANK OF AMERICA 6.50% SENIOR NOTES 114,396 136,291
    BANK OF AMERICA 6.00% PERPETUAL 2,000,000 2,190,400
    BERKLEY CORP. 5.70% SUBORDINATED 2,000,000 2,166,400
    BLACK HILLS CORP 7.75% PREFERRED 50,000 69,896
    BOEING CO 5.93% UNSECURED 105,195 138,085
    BOEING CO 5.805% UNSECURED 104,353 134,663
    BOEING CO 5.875% UNSECURED 102,262 128,814
    BRIGHTHOUSE FINL 6.75% PREFERRED 250,000 288,600
    BRIGHTHOUSE FINL 6.6% PREFERRED 2,000,000 2,260,000
    BROOKFIELD 4.625% PREFERRED 375,000 380,550
    BROOKFIELD 4.50% PREFERRED 500,000 499,800
    BROOKFIELD 4.625% PREFERRED 892,250 920,088
    BROOKFIELD 5.000% PREFERRED 2,000,000 2,032,000
    BRUNSWICK CORP 6.375% PREFERRED 250,000 286,200
    BUCKEYE PARTNERS LP 5.85% UNSECURED 996,829 893,250
    CAPITAL ONE FINANCIAL 4.80% SERIES J 750,000 791,700
    CAPITAL ONE FINANCIAL 5.00% PERPETUAL 750,000 815,100
    CAPITAL ONE FINANCIAL 4.375% PREFERRED 1,000,000 1,010,800
    CHARLES SCHWAB 4.45% PREFERRED 375,000 397,500
    CHS INC CLASS B RESET RA 7.50% PERPETUAL 250,000 291,800
    CMS ENERGY 4.20% PREFERRED 125,000 126,350
    CMS ENERGY 5.875% PREFERRED 250,000 273,100
    CMS ENERGY 5.875% PREFERRED 1,000,000 1,108,800
    DIGITAL RLTY 5.85% SERIES K CUM. 1,250,000 1,422,500
    DOMTAR CORP 6.75% SENIOR UNSECURED 867,592 841,793
    DOMTAR CORP 6.75% SENIOR UNSECURED 401,365 386,102
    DOMTAR CORP 6.25% SENIOR UNSECURED 648,151 646,900
    DOMTAR CORP 6.25% SENIOR UNSECURED 349,389 346,475
    DUKE ENERGY 5.75% PREFERRED 250,000 287,300
    ENBRIDGE INC 6.375% PREFERRED 2,000,000 2,167,200
    ENERGY TRANSFER PARTNERS 5.95% SENIOR 938,934 1,060,434
    ENERGY TRANSFER PARTNERS 5.95% SENIOR 994,741 1,122,813
    ENERGY TRANSFER PARTNERS 5.95% SENIOR 277,040 311,893
    EXELON GENERATION 5.75% UNSECURED 1,050,890 1,121,643
    FAIRFAX FINANCIAL 7.75% SENIOR NOTES 1,173,328 1,247,445
    FAIRFAX FINANCIAL 7.75% SENIOR NOTES 912,534 970,235
    FAIRFAX FINANCIAL 7.75% SENIOR NOTES 193,141 207,907
    FEDERAL EXPRESS 7.60% NOTES 1,081,807 1,302,330
    FORD MOTOR 6.00% PREFERRED 1,000,000 1,094,000
    FORD MOTOR 7.70% DEBENTURES 951,938 930,847
    FORD MOTOR 7.70% DEBENTURES 331,767 310,282
    FORD MOTOR 7.70% DEBENTURES 655,947 620,565
    FORD MOTOR 7.70% DEBENTURES 662,462 620,565
    FULTON FINANCIAL 5.125% NON-CUM. SERIES A 190,000 203,908
    GLOBE LIFE 4.25% PREFERRED 250,000 261,100
    GOLDMAN SACHS 6.375% NON-CUM. 100,000 117,600
    GOLDMAN SACHS 6.375% NON-CUM. 150,000 176,400
    HANCOCK WHITNEY 6.25% PREFERRED 2,000,000 2,295,200
    HEARTLAND FINANCIAL 7.00% PREFERRED 2,000,000 2,232,000
    HERCULES CAP 5.25% PREFERRED 1,867,500 1,882,440
    HP ENTERPRISE CO. 6.35% BOND 818,092 1,007,512
    HP ENTERPRISE CO. 6.35% BOND 546,602 671,675
    HP ENTERPRISE CO. 6.35% BOND 271,507 335,837
    HUNTINGTON 4.50% PREFERRED 1,600,000 1,664,000
    JP MORGAN 4.625% SER LL FIXED PREFERRED 1,000,000 1,065,200
    JP MORGAN 6.000% PERPETUAL 1,000,000 1,153,200
    KEYCORP 5.625% PERPETUAL 1,500,000 1,708,800
    KEYCORP 5.65% PERPETUAL 500,000 554,400
    KKR GROUP 4.625% PREFERRED 625,000 645,250
    METLIFE INC 4.75% PREFFERRED 54,750 59,108
    METLIFE INC 5.625% PREFFERRED 305,000 339,282
    NEXTERA ENERGY 5.65% PREFERRED 2,000,000 2,289,600
    NORDSTROM INC 7.00% SENIOR NOTES 287,102 294,005
    OFFICE PROP 6.375% PREFERRED 500,000 538,400
    PARTNERRE LTD 4.875% PREFERRED 375,000 414,750
    PRUDENTIAL 5.625% PREFERRED 1,000,000 1,118,000
    PUBLIC STORAGE 4.00% SERIES P CUM. 1,675,000 1,693,760
    PUBLIC STORAGE 5.6% SERIES H CUM. 375,000 429,000
    QVC INC 6.25% PREFERRED 2,000,000 2,116,800
    QWEST CORP 6.750% PREFERRED 500,000 535,800
    RENAISSANCERE 5.75% PREFFERED 1,000,000 1,087,200
    SCE TRUST IV 5.000% PERPETUAL 250,000 249,300
    SEMPRA ENERGY 5.75% PREFERRED 2,000,000 2,200,800
    SPIRE INC.5.9% SERIES A PREFERRED 250,000 282,800
    STIFEL FINANCIAL 6.125% PREFERRED 250,000 277,100
    STIFEL FINANCIAL 6.125% PREFERRED 249,895 277,100
    SVB FINANCIAL GROUP 5.25% PREFERRED 1,135,000 1,230,340
    TRUIST FINANCIAL 4.75% PREFERRED 1,750,000 1,863,400
    TRUIST FINANCIAL 5.25% PREFERRED 250,000 284,500
    UNION CARBIDE 7.75% DEBENTURES 1,037,819 1,245,952
    UNION CARBIDE 7.75% DEBENTURES 696,657 830,635
    UNION CARBIDE 7.75% DEBENTURES 859,459 996,762
    UNION CARBIDE 7.75% DEBENTURES 139,133 176,095
    UNITED COMM. 6.875% PREFERRED 125,000 139,300
    UNUM GROUP 6.25% PREFERRED 2,000,000 2,153,600
    U.S. BANCORP 3.75% PREFERRED NON-CUM. 250,000 249,700
    VALIDUS HOLDINGS 8.875 SENIOR NOTES 1,364,110 1,475,730
    VALIDUS HOLDINGS 8.875 SENIOR NOTES 909,307 983,820
    VIRTUS ALLIANZGI CONV. 5.50% PREFERRED FUND 250,000 262,500
    VORNADO REALTY 5.25% PREFERRED 500,000 539,600
    WASHINGTON FED INC 4.875% PREFERRED 500,000 535,000
    WELLS FARGO & COMPANY 5.625% SERIES Y 500,000 529,600
    WELLS FARGO & COMPANY 4.375% PREFERRED 1,000,000 1,016,800
    WELLS FARGO & COMPANY 4.70% SERIES AA 400,000 418,400
    WELLS FARGO & COMPANY 4.75% SERIES Z 500,000 523,000
    WELLS FARGO & COMPANY 5.85% SERIES Q 250,000 275,500
    WESBANCO INC. 6.75% PREFERRED 425,000 476,850
    WESTERN UNION CO NOTES 6.20% 258,007 314,873
    WESTERN UNION CO NOTES 6.20% 277,380 314,873
    WESTERN UNION CO NOTES 6.20% 558,557 629,745
    WESTERN UNION CO NOTES 6.20% 223,847 251,898
    WESTERN UNION CO NOTES 6.20% 142,267 159,955
    WESTERN UNION CO NOTES 6.20% 117,114 130,987
    WESTERN UNION CO NOTES 6.20% 282,792 314,873
    WESTERN UNION CO NOTES 6.20% 359,201 401,777
    XEROX CORP 6.75% SR UNSECURED 540,062 550,665
    XEROX CORP 6.75% SR UNSECURED 545,382 550,665
    XEROX CORP 6.75% SR UNSECURED 818,272 825,998
    XEROX CORP 6.75% SR UNSECURED 253,757 275,333

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    John Ruan Foundation Trust
    EIN:
    42-6059463
    Name of Stock End of Year Book Value End of Year Fair Market Value
    WILHELMNA INTERNATIONAL (WHLM) 30,551 2,300
    INTEL CORP (INTC) 8,861,997 14,606,000
    CITIGROUP INC. 55,335 2,476
    LUMEN TECHNOLIGIES (CTL) (was CenturyLink) 10,723 18,360
    GENERAL MOTORS COMPANY (GM) 69,388 25,739
    PRUDENTIAL - (PRU) 81,007 251,769
    U.S. BANCORP - (USB) 90,041 113,940
    WELLS FARGO & CO. - (WFC) 95,960 158,515
    3M CO - (MMM) 19,141 16,089
    ABBOTT LABORATORIES - (ABT) 18,992 39,184
    ACCENTURE PLC - (ACN) 19,054 38,028
    AFLAC INC - (AFL) 19,008 23,503
    AIR PRODUCTS & CHEMICALS - (APD) 19,041 33,658
    AMGEN INC - (AMGN) 19,022 27,056
    ANALOG DEVICES - (ADI) 18,967 37,875
    APPLE INC - (AAPL) 20,499 64,645
    AT&T INC - (T) 19,015 15,081
    AUTOMATIC DATA PROCESSING - (ADP) 19,001 33,765
    BECKON DICKINSON & CO. - (BDX) 19,100 20,428
    BLACKROCK INC - (BLK) 18,989 33,249
    CARRIER GLOBAL CORP (CARR) 3,552 7,825
    CHEVRON CORPORATION - (CVX) 19,085 17,177
    CHUBB LTD - (CB) 19,052 19,868
    CISCO SYSTEMS INC - (CSCO) 19,004 26,606
    CLOROX COMPANY - (CLX) 19,025 25,007
    COLGATE-PALMOLIVE CO - (CL) 19,083 21,395
    EMERSON ELECTRIC CO - (EMR) 19,022 28,391
    EVERSOURCE ENERGY - (ES) 19,030 23,671
    EXXON MOBIL CORP - (XOM) 19,025 14,635
    FACTSET RESEARCH SYSTEMS - (FDS) 18,899 31,883
    GENERAL MILLS INC - (GIS) 19,024 20,777
    GENERAL DYNAMICS CORP - (GD) 19,005 17,508
    ILLINOIS TOOL WORKS INC - (ITW) 19,046 25,933
    JOHNSON & JOHNSON - (JNJ) 19,022 22,405
    JPMORGAN CHASE & CO - (JPM) 19,053 28,619
    L3 HARRIS CORP DEL - (HRS) 19,063 28,748
    LINDE PLC - (LIN) 19,941 35,270
    LOWES COMPANIES INC - (LOW) 19,000 44,419
    MCDONALDS CORP - (MCD) 18,971 25,640
    MEDTRONIC PLC - (MDT) 19,042 28,674
    MICROSOFT CORP - (MSFT) 19,017 61,223
    MORGAN STANLEY & CO - (MS) 17,603 20,997
    NEXTERA ENERGY INC - (NEE) 18,988 35,468
    NIKE INC - (NKE) 19,038 48,973
    NORFOLK SOUTHERN CORP - (NSC) 19,015 37,954
    NOVARTIS AG - (NVS) 16,730 20,438
    OTIS WORLDWIDE CORP (OTIS) 4,964 6,542
    PAYCHEX INC - (PAYX) 19,032 30,688
    PEPSICO INCORPORATED - (PEP) 19,016 24,152
    PHILLIPS 66 - (PSX) 19,053 17,250
    POLARIS INDS INC - (PII) 18,988 19,722
    PROCTOR & GAMBLE CO - (PG) 19,026 28,740
    RAYTHEON TECHNOLOGIES (RTX) 10,486 13,735
    SYSCO CORPORATION - (SYY) 18,994 25,735
    TARGET CORP - (TGT) 19,006 76,390
    US BANCORP NEW - (USB) 19,020 19,826
    V F CORPORATION 17,863 21,084
    WAL-MART STORES INC - (WMT) 19,036 27,499
    WEC ENERGY GROUP INC - (WEC) 19,058 24,550

    TY 2020 InvestmentsOtherSchedule2
    Name:
    John Ruan Foundation Trust
    EIN:
    42-6059463
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    VIRTUS ALLIANZGI DIVERSIFIED INCOME & CONV. FUND AT COST 200,000 277,600
    CALAMOS DYNAMIC CONVERTIBLE & INCOME AT COST 500,000 623,400
    TEKLA WORLD HEALTHCARE FUND AT COST 200,000 164,400

    TY 2020 OtherExpensesSchedule
    Name:
    John Ruan Foundation Trust
    EIN:
    42-6059463
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Miscellaneous Expense 14,780 7,390   7,390


    TY 2020 OtherLiabilitiesSchedule
    Name:
    John Ruan Foundation Trust
    EIN:
    42-6059463
    Description Beginning of Year - Book Value End of Year - Book Value
    Margin Loan 0 2,276,562


    TY 2020 TaxesSchedule
    Name:
    John Ruan Foundation Trust
    EIN:
    42-6059463
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Federal Income Tax 95,579 0   0
    Foreign Tax 105 105   0